Crewing news and marine crewing agencies

Fifth edition of Gulf Maritime Exhibition opens at Expo Centre Sharjah

office — Tue, 17 Apr 2007 15:49:39 +0000

World’s first global maritime satellite TV to be launched soon

office — Sun, 15 Apr 2007 18:33:55 +0000

The countdown has begun for launch of the world’s first 24-hour dedicated maritime satellite television channel, to be beamed from three payloads, panning all continents.

Making it the first “single point of contact” for the international marine industry, the channel will facilitate global coordination on a single platform and include the entire gamut of marine activities.

MarineBiz TV, a free-to-air channel, is expected to take off officially on May seven in Dubai, at a glittering event to be attended by dignitaries from across the continents and members of the royal family of Dubai.

The launch will be marked by an awards ceremony honouring distinguished personnel from the maritime world.

“An initiative of Dubai-based Aries group, the channel will bring the world to your desktop. And also explore hitherto unknown areas of marine technology, ship building, global navigation, and deep sea activities”, according to Aries group chairman Sohan Roy.

“MarinBiz will be available through Europe, Asia, Africa and Australia in phase one and will extend to rest of the world by August, accessible on DTH, and other world-wide networks. Telecasts will be in eight-languages with auto-lingual overlapping,” Project Manager Shyam Kurup told the agency from Dubai.

“Hectic preparations are on for the launch, with trial runs already on our website. The teams are in place and almost two months of docu-data and programming have been archived”.

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Jamaica’s Peter Brady appointed to World Maritime University

office — Tue, 10 Apr 2007 15:25:13 +0000

Rear Admiral Peter Brady, director general of the Maritime Authority of Jamaica, has been appointed to serve on the board of governors of the World Maritime University (WMU). The WMU is the International Maritime Organisation’s (IMO) specialised training institution for senior executives in the maritime industry.

Great honour for Jamaica

“This is indeed a great honour for Jamaica and the region to have one of its nationals appointed to this prestigious United Nations educational institution. The WMU provides high-level graduate degree courses and programmes specially designed to accommodate the needs of maritime states as they deal with the ever-increasing demands of globalised trade and modern maritime technology,” said Rear Admiral Brady.

Since its inception in 1983, 98 Caribbean nationals, including 25 Jamaicans, have graduated with Master of Science degrees in areas of study such as maritime law, marine pollution, maritime education and training, maritime administration, ship management and port management. These graduates are to be found in leadership positions in various government and private sector organisations where they contribute to policy development and implementation of the country’s maritime activities.

Brady has had an ongoing relationship with the WMU, having served as guest lecturer in maritime safety administration and maritime security.

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Between wind and water

office — Sun, 25 Mar 2007 09:43:44 +0000

The shipbuilding domain in India seems to be circumnavigating in a cauldron of hope and precariousness. A hope that stretches to the extending of the subsidy period to shipbuilding players and precariousness due to the red tapeism involved in the government’s execution of its policies and working for the greater good of the industry.
Currently, on a broader scale, the shipbuilding activity in India is facing two major concerns. One is the subsidy issue and the other is according ‘infrastructure’ status to the industry. Explains Vikram Suryavanshi, Karvy Stock Broking, “Even though subsidies are given to the shipbuilding players, the issue that has been an obstacle in the good pace of the industry is the timely payment of subsidies.”

He cautions, “There is a wide opinion in the industry to stretch the subsidies period which is going to end this year (August). And players concur that the period be extended by at least five more years.” Suryavanshi further adds, “But there is palpable disinterest on the part of the government to weigh the pros and cons of this issue.” This does not bode well, with the industry considering the benefits the subsidy scheme offers.

Subsidy extension

Under the policy, 30% subsidy on the bid price would be available to shipyards on domestic orders obtained through the global tender process for the construction of sea going vessels as defined under Section 3 (41) of the Merchant Shipping Act, 1958. However, the vessel must be a merchant vessel of a minimum length of 80 metres.

For export orders obtained through the global tender process or otherwise for the construction of any type or size of vessel, 30% subsidy on the bid price or negotiated price as the case may be will be payable to the yard.

For private players the subsidy payment is made only after the delivery of the ship while the payment to the public sector yards is stage-based. Following the in-principal approval a budget is sanctioned after which the final payout is made. It is important to note that quite a few private players have actually received any subsidy till date.

However, if implemented properly, the beneficiaries of this scheme will be the leading private sector yards in the country, besides a host of other small and medium-sized builders in the private sector.

Also not to mention the offsetting a lot of taxes, making the private sector more efficient and more competitive and putting the industry at par with the rest of the world. More so, considering the fact that subsidies account for 50% of the profitability of Indian builders, if extended, it could serve as a boon for Indian shipbuilding players.

A case in point is ABG Shipyard Company. The company had a tremendous growth margin (around 51%) since 2005, thanks to the subsidies scheme and hence the discontinuation of this scheme will rebound on private players like ABG Shipyard, Bharti Shipyard. Hence, the continuation of subsidies beyond August 2007 assumes significance. The industry expects the subsidy to be extended beyond 2007 until at least 2012.

Infrastructure glitch

The other major problem the industry is facing is the infrastructure issue. The industry has been craving for infrastructure status. This is because of the inherent advantages involved in doing so. For instance, there is a clear 16% excise duty benefit on domestic purchases, 4% CST benefit. In addition, it is estimated that interest costs could be as low as 10% along with the added advantage of paying Minimum Alternate Tax (MAT) instead of the regular 33% tax rate.

It would also improve cash flows as quite a few companies have yet to receive subsidies. In terms of calculations, industry pundits recommend a shift from outright 30% subsidies to the granting “infrastructure status.” However, the failure in according infrastructure status has deprived the industry of many good things and created a plethora of issues, which call for serious consideration.

Investment paucity

Indian shipbuilding, being a capital-intensive sector, has seen lumpy investment. Considering the magnitude of orders that are involved, a substantial balance sheet size is required, in the industry, at various steps. Capital funding could lead to shipbuilders building capacities for larger ships–removing a major hurdle in shipbuilding expansion. But considering the current investment trend, which is far from constant and adequate, infrastructure will be critical in drawing-in investment opportunities. Hence the need for it.

Productivity

Indian labour is the cheapest in the world and it constitutes 15-25% of the total cost of a ship depending on the ship type. Yet, the Indian shipbuilding industry has not been able to capitalise on this key advantage. The paramount reason has been the extremely low labour productivity. This can partially be attributed to the prevalent work culture at PSU shipyards and the lack of timely investments and disorganised infrastructure.

The government’s role

Most shipbuilding countries have government support either directly or indirectly. The South Korean government has been accused of providing subsidy through better financing terms for its shipbuilders; while the US provides protection to its shipbuilding industry through legislation that stipulates the ships plying on the US coast must be manufactured by US companies; the EU provides subsidies of up to 6% of the contract value to its ships.

However, the Indian shipbuilding industry on the other hand has been taxed at levels including the source of its raw material, import duties on goods and a high tax structure. Amongst other factors, this lack of government support has contributed significantly to the low competitiveness of the industry. In addition, the traditional presence of PSU shipyard culture has added to the burden of the industry.

However, times are changing. Of late, the industry is seeing a turnaround. In a recent study, I-maritime rated the Indian shipbuilding industry’s competitiveness against other emerging shipbuilding clusters. It estimated the industry’s past fairing as uncompetitive. However, going forward, the study predicted that the competitiveness of Indian shipbuilders could increase — making India a centre for shipbuilding.

In addition, the industry’s order book is seeing a considerable change. A case in point is the offshore segment. Most of the order book has been by ships required for the offshore segment; this is especially true for the private shipyards.

Though the industry has historically been hampered initially by the apathy and laid back attitude of the government and then the long downturn in the shipping cycle, currently, Indian shipbuilding companies have been doing well for themselves. Both on the profitability as well as on ‘contributing-to-the-industry-growth,’ front.

On the valuation front, analysts prefer Bharti Shipyard to ABG Shipyard. Considering the growth and the project execution capabilities Bharti Shipyard has been exhibiting, analysts consider their stock as safe bet. There is still a ray of hope with the emergence of new, competent players in the industry.

According to Surbhi Chawla, Angel broking, “There is an estimation that the industry is going to be worth $20 billion by 2020. India’s share in terms of tapping into the offshore market is 0.4%. So there is immense potential for players to cash in on this still-to-milk domain.” This is happening in a gradual phase. About 65% of the private shipbuilders’ order books are geared towards the oil & gas sector. Globally, India has one of the largest AHTS order books and India’s prominence in the sector is due to the unfeasibility of producing niche vessels in large shipyards and the availability of skilled labour.

Companies like Bharati and ABG Shipyards are amongst the top yards in terms of the number of AHTS order book. While offshore vessels account for 8% of the world order book, they contribute close to 46% of India’s order book. Moreover, if favourable conditions prevail there will be a lot more good companies emerging who will mirror the growth of these companies. However, for this is to materialise, constant proactiveness and a ‘being-aware-and-executing-ones’-responsibilities approach from the government is tremendously needed. If this happens, the industry would be beneficial, efficient and far more self-reliant.

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ZENIT - The World Seen From Rome

office — Sun, 25 Mar 2007 09:41:53 +0000

According to Commodore Chris York, this is the biggest challenge for the agency of the Church that offers pastoral care to those who live off seafaring and fishing.

York, a former fighter pilot, captain and commodore in the Royal Navy, spoke with ZENIT about how the Church is promoting the human dignity of seafarers in the midst of what he called the “first truly globalized industry.”

The Apostleship of the Sea will hold its 22nd five-yearly world congress June 24-29 in Poland.

Q: What attracted you to take on a leadership role within the Catholic Church’s maritime ministry in Great Britain?

York: I think all of us have particular areas of expertise which can be used for the service of the Church, and so the chance to utilize my experiences to build up the Church’s pastoral outreach to merchant seafarers meant a great deal to me.

During my time in the Navy, I witnessed and benefited from the good work of the Stella Maris centers, which are sponsored by the Apostleship of the Sea, in many ports around the world.

I was, therefore, particularly interested to take the helm of the Apostleship of the Sea in Great Britain in 2001 when it was relaunched to meet the new challenges of a radically changed maritime industry.

Q: How should the Church respond to the particular challenges of globalization?

York: Globalization is one of the biggest issues of our day, and the international maritime industry is probably the first truly globalized industry. While there are many benefits of globalization, it also brings many challenges — particularly of a pastoral nature since the rights of individuals can all too easily be overlooked in the pursuit of profit and efficiency.

The Church’s primary response must be to affirm the human dignity of all workers — to value them for who they are, not for what they can produce. In the maritime world, the Church declares that seafarers are not commodities, but the industry’s greatest resource, and the best way to aid the smooth running of the industry is to address the human, spiritual and pastoral needs of seafarers. We call it “putting a human face on globalization”.

Q: What is the role of the Apostleship of the Sea in doing this?

York: Our trained port chaplains and ship visitors welcome seafarers to our shores as brothers and sisters, in the name of Christ and the Catholic community. By recognizing them as human beings with human needs and concerns, and by demonstrating our solidarity with them, we are making a powerful statement that people come before profit.

The Church must examine what the practical local pastoral reaction should be to these movements of people. A seafarer will spend many months at a time away from home, living an itinerant life for many years. There are, therefore, distinctive roles for the “sending” parishes of the seafarer’s home country, and for those port parishes he visits on his travels.

Seafarers live their lives through three communities. There is first their personal community of home and family; second the community at sea with fellow crew members; and third the community of the port parish which should reach out and include them when they visit. If the seafarer’s relationship with any of these communities is damaged, then it can be a cause of despair.

Helping the seafarer to maintain, establish and develop these three community relationships is the practical way in which the Apostleship of the Sea puts a human face on the effects of globalization.

Q: Do you think interest in fair trade ignores the conditions of those who transport the goods across the oceans?

York: Seafarers are what we might call the middle men of globalized trade, and the conditions they endure at sea are largely hidden from us. At the same time as promoting justice for producers in the developing world, we must be consistent and demand improved conditions for all seafarers who work to transport the goods across the oceans.

In common with all of us, they deserve respect and have the right to work in safety and security. Also, shoppers who quite rightly wish to support trade justice by buying products labeled and promoted as “fair trade” should be able to feel confident that all those involved in the production and transportation of the product are treated fairly.

The fact of the matter is that seafarers all too often suffer dangerous working conditions, denial of wages and shore leave, exploitation and intimidation. Ship owners often register their vessels under so-called flags of convenience to avoid taxes and tighter safety regulation. Many unscrupulous shipping and crew manning agents operate under a veil of secrecy, and have even been known to threaten seafarers’ families.

Q: Do you think that greater freedom of movement and trade around the world provides opportunities for evangelization?

York: Undoubtedly it does, although there are also new challenges and threats to take into account as well.

With increased movement of people, money, goods and information around the world, the mission of the Church becomes less localized, and we all have to take a more global perspective.

Providing pastoral care to the many millions of people on the move — both those who travel as part of their work, and those who are migrants or refugees — presents considerable logistical challenges, and requires new models of ministry.

However, it also makes it possible for the Church to reach out to, and make contact with, far greater numbers of people from varied cultures and situations — people who otherwise may never have had the chance to encounter the Gospel.

We in the Catholic Church must be ready for this, making sure that our global vision is matched on the ground with adequate pastoral provision to meet people where they are — walking alongside them, sharing their lives, understanding their culture and traditions and enlightening their experiences with the light of Christ.

Engaged lay people are key to this outreach. It has been an important lesson for us to learn here in Great Britain that we can recruit lay people of faith and fervor and train them for full-time ministry in the maritime world.

Q: You are now a consultor to the Pontifical Council for Migrants and Travelers. What have you learned about the contribution of the Catholic Church to world affairs, particularly in the area of migration and human rights?

York: The Catholic Church has a huge role to play in ensuring that a balanced, holistic view of the human person, which takes into account intrinsic human dignity and the spiritual dimension, prevails in intergovernmental bodies and meetings. The Holy See can achieve this, for example, by virtue of its participation in the various bodies of the United Nations, and through its diplomatic missions throughout the world.

The Church also has a powerful moral voice, based in part on the experience of its members and pastoral personnel on the ground, who share the experiences of people at the coalface, as it were, of globalization — such as seafarers.

This was very evident, for example, at the negotiations in Geneva last year concerning the new Consolidated Maritime Labor Convention which, when ratified and effectively implemented, will ensure fairer and safer working conditions for seafarers.

The International Christian Maritime Association, of which we are a part, and the Holy See helped to ensure that the convention required nations to promote pastoral and welfare services, such as those provided by the Apostleship of the Sea.

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Maritime sector welcomes search for new director-general

office — Mon, 26 Feb 2007 15:22:51 +0000

THE local maritime industry has welcomed the recent initiatives by the Government to seek a new director-general for the Maritime Institute of Malaysia (Mima) under the Ministry of Transport.
It is understood that seven candidates have applied for the position which was advertised last month.

Shipping and port communities deeply disappointed with the activities and the progress of the 15-year old institute have often complained that the performance of the institute had not met the expectations of the industry “notably in its failure to produce a blueprint or a policy framework on the development of the Malaysian maritime industry”.

Industry sources feel there is need to carefully evaluate a suitable sufficiently qualified candidate with research background for the job to take Mima to a higher level of research and policy-making.

Source said with an annual budget of about RM4 million, Mima had failed in its task to produce what was fundamentally set up to do for the maritime industry, namely producing a blueprint on the national shipping development.

The institute, set up by the Government to serve as a national focal point for research in the maritime sector, lacked the focus and the expertise to look into critical maritime issues and policy concerns.

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Dubai Maritime City welcomes on board MUR Shipping

office — Sun, 25 Feb 2007 18:36:19 +0000

Dubai Maritime City - the world’s largest and the most comprehensive maritime complex in the world - has announced that Netherlands-headquartered global shipping major.

The presence of the leading shipping company is expected to provide a major impetus to the one-of-its-kind Dubai Maritime City Development. MUR Shipping is the shipping division of a joint venture company between Mittal Steel South Africa and Macsteel, an international trading company.

MUR’s shipping activities encompass the movement of approximately 25 million tonnes of cargo per annum worldwide, managed through the control of between 90 and 130 vessels either on time charter or through ownership. The Group has over 20 regular trade routes which involve up to 50 monthly sailings.

In his comments, Mr. Ahmed Bin Hareb, Assistant Sales Manager, at Dubai Maritime City, said: ‘I am proud to announce that international shipping major MUR Shipping is now a part of the Dubai Maritime City family. The presence of MUR Shipping, which has carved a niche in the global maritime community, stands testimony to the strategic importance of our unique development. Their professional expertise in freight and project cargoes, including industrial shipments, will add a lot of value to the vast array of services on offer at Dubai Maritime City.’

He added: ‘With the presence of top industry major like MUR Shipping, we are confident that the Dubai Maritime City will be soon be a major hub for the global maritime industry, offering one-stop-shop services and catering to all industry requirements.’

In his comments, Robert Muirhead, CEO of MUR Shipping, said: ‘It is a matter of great privilege for MUR Shipping to announce our regional base at the Dubai Maritime City, one of the most comprehensive maritime complexes in the world. Backed by our expertise in the global shipping milieu, we are confident that we will be able to add value to this iconic development. The region offers a vast, inherent demand for industrial shipments and project cargoes and over the years, we have established MUR Shipping as a major provider of bulk and break bulk services, we also provide container freighting, clearing and forwarding expertise.’

He added: ‘The international shipping business is growing at a frenetic pace and our customized client relationship across the globe will help provide complete shipping and freight services at the dynamic Dubai Maritime City development. Our activities in the liner and the breakbulk trades will provide a major boost to customers’ logistic chains at the Maritime City.’

MUR’s shipping activities are built on solid client relationships offering customized freight solutions for their various requirements. Their vessels, either on time charter or owned, range from 17000mt to 70000mt and include sophisticated tweendeckers, open hatch box shaped bulk carriers, as well as craned self discharging Handymax and Panamax ships.

When completed, Dubai Maritime City will be the world’s biggest and the most comprehensive maritime complex spread across 227 hectares of man-made peninsula between Port Rashid and Dubai Dry Docks, and will be surrounded by the waters of the Arabian Gulf.

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Fifth edition of Gulf Maritime Exhibition to begin on April 16

office — Thu, 22 Feb 2007 18:46:44 +0000

The fifth edition of the Gulf Maritime Exhibition, the only event dedicated to meeting the complete requirements of the region’s commercial, government, and the military maritime industry, will begin at Expo Centre Sharjah on April 16, 2007.

The three-day exhibition, under the Patronage of Sharjah Crown Prince and Deputy Ruler His Highness Sheikh Sultan Bin Mohammed Bin Sultan Al Qassimi, will host 110 exhibitors from 20 countries including a national pavilion from Romania.

It is for the first time that the Gulf Maritime Exhibition will be featuring a dedicated pavilion from Romania. The pavilion is an initiative of the Romanian Ministry of Commerce and Trade and ANCONAV - the Romanian Shipbuilding Association.

‘The Gulf Maritime exhibition is the Middle East’s only exhibition that can claim to be full-fledged sourcing platform for each and every sector of the regional maritime industry,’ said Mr. Saif Al Midfa, Director General, Expo Centre Sharjah.

‘The regional maritime industry has been expanding at a breakneck speed since the last few years but along with that growth its sourcing requirements has become more demanding. Gulf Maritime is the only exhibition in the Middle East that serves the interests of the commercial, government, as well as military maritime industry from a single platform. The exhibition, over the years, has established itself as the most comprehensive maritime exhibition in the Middle East,’ he added.

The 2007 edition of the Gulf Maritime exhibition will showcase Deck machinery and other vessel equipment, Docking equipment, Electronics, Communication and navigation systems, Engine and propulsion systems, Fuel and lubricants, Ride control systems, Sound and vibration control systems, Marine interiors, Paints and coatings, latest vessel building designs and technology, equipment for fishing, Offshore support vessels, cargo ships, tankers, tugs, ferries, and patrol boats, Ship repair and port operations products, and Cargo handling services.

Among the major companies that have already confirmed participation at the coming edition of the show are Rolls Royce, Stromme, MTU, Cummins, Kobelt, Saab Rosemount, Reintjes, Hamriya Free Zone, Sharjah Ports Authority, ZF Marine, Westfalia, Wartsila, IHC Holland, UTS, Asry, Berg Propulsion, Kobelt, Thrustmaster, and Kongsberg.

Gulf Maritime 2007 will occupy a total exhibition area of 4,000 sq. m. This will be over and above the outdoor display area at the new marina behind Expo Centre Sharjah.

‘The Gulf Maritime Exhibition will once again be utilizing the marina for display this year,’ said Mr. Saif Al Midfa.

‘Six state of the art boats including pleasure crafts will be showcased at the new marina,’ he added.

The Gulf Maritime Exhibition, besides being an established one-stop sourcing venue, is also considered to be an important forum for taking up crucial issues facing the regional maritime industry for detailed discussions.

The coming edition will witness the hosting of several such seminars and conferences on the sidelines. These events are aimed at providing senior personnel from the regional maritime companies and key players in the global maritime sector with a platform for exchange of ideas, debate, and constructive networking.

Like in all previous editions, product presentations too will be an important element of the Gulf Maritime Exhibition.

Given the unique profile, the Gulf Maritime Exhibition this year is expected to attract a large number of visitors belonging to the Middle East and North Africa (MENA) maritime industry. Categories of visitors will include Vessel Owners and Operators, Ship and boat builders and repairers, Ship chandlers, Classification society and naval architects, Suppliers/Manufacturers/Repairers of engines and propulsion systems, Marine engineers, Suppliers of shipbuilding material, marine equipment and services, and electronic equipment, and Government agencies.

The Gulf Maritime Exhibition is an initiative of Expo Centre Sharjah with the support of the Sharjah Chamber of Commerce and Industry (SCCI).

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General Maritime Corporation Announces Fourth Quarter and Full Year 2006 Financial Results

office — Thu, 22 Feb 2007 18:43:54 +0000

NEW YORK, Feb. 21 /PRNewswire-FirstCall/ — General Maritime Corporation today reported its financial results for the three months and full year ended December 31, 2006.

Financial Review: 2006 Fourth Quarter

The Company had net income of $22.4 million, or $0.73 basic and $0.71 diluted earnings per share, for the three months ended December 31, 2006 compared to net income of $104.6 million, or $2.83 basic and $2.78 diluted earnings per share, for the three months ended December 31, 2005. The decrease in net income was the result of lower spot charter rates during the fourth quarter of 2006 relative to the prior year period, as well as a smaller fleet.

Peter C. Georgiopoulos, Chairman, Chief Executive Officer and President commented, “2006 was another year of impressive results for General Maritime. During the year, we distributed sizeable dividends to shareholders, repurchased a significant amount of stock and completed the monetization of non-core assets, which transformed the Company into an operator of a fully double-hull fleet. Our success during the year also included commencing the delivery of our Suezmax newbuildings, which marked a new growth period for General Maritime. Finally, we significantly increased our time charter coverage, enhancing our contracted revenue stream and earnings visibility while remaining in a strong position to continue to benefit from any increases in the spot market.”

Net voyage revenue, which is gross voyage revenue minus voyage expenses unique to a specific voyage (including port, canal and fuel costs), decreased 56.4% to $52.6 million for the three months ended December 31, 2006 compared to $120.8 million for the three months ended December 31, 2005. EBITDA for the three months ended December 31, 2006 was $32.8 million compared to $129.8 million for the three months ended December 31, 2005 (please see below for a reconciliation of EBITDA to net income). Net cash provided by operating activities was $54.3 million for the three months ended December 31, 2006 compared to $59.8 million for the prior year period. As of December 31, 2006, the Company’s net debt-to-book capitalization (calculated as total long term debt less cash divided by total long term debt less cash plus shareholders’ equity) was reduced to 0% from 3.8% as of December 31, 2005.

The average daily time charter equivalent for vessels on spot charters decreased by 18.3% to $34,537 for the three months ended December 31, 2006 compared to $42,252 for the prior year period. The Company’s spot Aframax vessels earned $33,264 and the Company’s spot Suezmax vessels earned $36,650 for the quarter ended December 31, 2006.

Total vessel operating expenses, which are direct vessel operating expenses and general and administrative expenses, decreased by 31.4% to $21.6 million for the three months ended December 31, 2006 compared to $31.5 million for the three months ended December 31, 2005. During the same periods, the average size of General Maritime’s fleet decreased 53.6% to 18 vessels from 38.8 vessels in the prior year period. Daily direct vessel operating expenses increased 10.2% to $6,650 per vessel day during the fourth quarter of 2006, from $6,033 per vessel day during the same period in 2005. The increase was attributable to higher crew costs as well as higher insurance costs.

Financial Review: Full Year 2006

Net income was $156.8 million or $4.98 basic and $4.87 diluted earnings per share, for the full year ended December 31, 2006 compared to $212.4 million, or $5.71 basic and $5.61 diluted earnings per share, for the full year ended December 31, 2005. Net voyage revenues decreased 43.0% to $245.6 million for the full year ended December 31, 2006 compared to $430.7 million for the full year ended December 31, 2005. EBITDA was $197.8 million for the full year ended December 31, 2006 compared to $338.6 million for the full year ended December 31, 2005. Net cash provided by operating activities was $189.7 million for the full year ended December 31, 2006 compared to $251.8 million for the prior year period. TCE rates obtained by the Company’s fleet increased 12.7% to $34,487 per day for the full year ended December 31, 2006 from $30,605 for the prior year period.

Daily direct vessel operating expenses for the year ended December 31, 2006 increased 11.3% to $6,301 compared to $5,661 for the prior year period. The year over year increase in daily direct vessel operating expenses is mostly attributable to higher crew costs, higher lube oil costs, and higher insurance costs. General and administrative expenses remained relatively flat at $44.8 million for the year ended December 31, 2006 compared to $44.0 million for the prior year period.

Summary Consolidated Financial and Other Data

The following table summarizes General Maritime Corporation’s selected consolidated financial and other data for the periods indicated below. Attached to this press release is an Appendix, which contains additional financial, operational and other data for the three month and full year periods, ended December 31, 2006 and 2005.

Three Months Ended Twelve Months Ended December December December December - 06 - 05 - 06 - 05 INCOME STATEMENT DATA (Dollars in thousands, except per share data) Voyage revenues $66,621 $156,381 $325,984 $567,901 Voyage expenses (13,974) (35,622) (80,400) (137,203) Net voyage revenues 52,647 120,759 245,584 430,698 Direct vessel expenses 11,012 21,549 47,472 86,681 Other expenses - - 2,430 - General and administrative expenses 10,577 9,921 44,787 43,989 Depreciation and amortization 11,199 19,257 42,395 97,320 Net Gain on sale of vessels 19 (91,235) (46,022) (91,235) Operating income 19,840 161,267 154,522 293,943 Net interest expense (833) 5,890 (1,455) 28,918 Other (income) expense (1,735) 50,749 (854) 52,668 Net Income $22,408 $104,628 $156,831 $212,357 Basic earnings per share $0.73 $2.83 $4.98 $5.71 Diluted earnings per share $0.71 $2.78 $4.87 $5.61 Weighted average shares outstanding, thousands 30,711 36,932 31,472 37,164 Diluted average shares outstanding, thousands 31,493 37,619 32,217 37,874 12 Months 12 Months Ended Ended BALANCE SHEET DATA, December December at end of period - 06 - 05 (Dollars in thousands) Cash $107,460 $96,976 Current assets, including cash 137,865 471,324 Total assets 843,690 1,427,261 Current liabilities, including current portion of long-term debt 27,147 32,906 Current portion of long-term debt - - Total long-term debt, including current portion 50,000 135,020 Shareholders’ equity 763,913 976,125 Three Months Ended Twelve Months Ended December December December December - 06 - 05 - 06 - 05 OTHER FINANCIAL DATA (dollars in thousands) EBITDA (1) $32,774 $129,775 $197,771 $338,595 Net cash provided by operating activities 54,325 59,832 189,717 251,771 Net cash provided (used) by investing activities (8,819) 327,536 285,264 316,012 Net cash provided (used) by financing activities (22,486) (339,570) (464,497) (517,728) Capital expenditures Vessel sales (purchases) net, including construction in progress (6,124) 329,123 290,299 321,930 Drydocking or capitalized survey or improvement costs (5,050) (8,584) (11,929) (36,789) Weighted average long-term debt 50,000 332,534 93,085 410,794 FLEET DATA Total number of vessels at end of period 18 30 18 30 Average number of vessels (2) 18.0 38.8 20.6 41.9 Total voyage days for fleet (3) 1,530 3,305 7,121 14,073 Total time charter days for fleet 679 1,094 2,300 3,983 Total spot market days for fleet 851 2,211 4,821 10,090 Total calendar days for fleet (4) 1,656 3,572 7,534 15,311 Fleet utilization (5) 92.4% 92.5% 94.5% 91.9% AVERAGE DAILY RESULTS Time charter equivalent (6) $34,410 $36,538 $34,487 $30,605 Direct vessel operating expenses per vessel (7) 6,650 6,033 6,301 5,661 EBITDA (8) 19,791 36,331 26,250 22,114 Three Months Ended Twelve Months Ended December December December December - 06 - 05 - 06 - 05 EBITDA Reconciliation Net Income $22,408 $104,628 $156,831 $212,357 + Net interest expense (833) 5,890 (1,455) 28,918 + Depreciation & Amortization 11,199 19,257 42,395 97,320 EBITDA $32,774 $129,775 $197,771 $338,595 (1) EBITDA represents net income plus net interest expense and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Management of the Company uses EBITDA as a performance measure in consolidating monthly internal financial statements and is presented for review at our board meetings. The Company believes that EBITDA is useful to investors as the shipping industry is capital intensive which often brings significant cost of financing. EBITDA is not an item recognized by GAAP, and should not be considered as an alternative to net income, operating income or any other indicator of a company’s operating performance required by GAAP. The definition of EBITDA used here may not be comparable to that used by other companies. (2) Average number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the number of days each vessel was part of our fleet during the period divided by the number of calendar days in that period. (3) Voyage days for fleet are the total days our vessels were in our possession for the relevant period net of off hire days associated with major repairs, drydockings or special or intermediate surveys. (4) Calendar days are the total days the vessels were in our possession for the relevant period including off hire days associated with major repairs, drydockings or special or intermediate surveys. (5) Fleet utilization is the percentage of time that our vessels were available for revenue generating voyage days, and is determined by dividing voyage days by calendar days for the relevant period. (6) Time Charter Equivalent, or TCE, is a measure of the average daily revenue performance of a vessel on a per voyage basis. Our method of calculating TCE is consistent with industry standards and is determined by dividing net voyage revenue by voyage days. (7) Daily direct vessel operating expenses, is calculated by dividing DVOE, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance and maintenance and repairs, by calendar days for the relevant time period. (8) Daily EBITDA is total EBITDA divided by total vessel calendar days. General Maritime Corporation’s Fleet

On January 15, 2007, the Company took delivery of the Genmar Kara G, a 150,000 dwt newbuilding at Universal Shipbuilding in Nagoya Japan. The Genmar Kara G is the second of 4 newbuildings ordered at this yard with the 3rd and 4th scheduled for delivery in September 2007 and January 2008.

As of February 21, 2007, General Maritime Corporation’s fleet was comprised of 21 wholly owned tankers, consisting of 10 Aframax and 9 Suezmax tankers and 2 newbuilding Suezmax contracts, with a total carrying capacity of approximately 2.7 million deadweight tons, or dwt. The average age of the Company’s fleet as of December 31, 2006 by dwt, excluding the newbuilding contracts, was 9.5 years compared to 10.9 years as of December 31, 2005. The average age of the Company’s Aframax tankers was 11.3 years and the average age of the Company’s Suezmax tankers was 7.2 years.

Currently, 5 of General Maritime Corporation’s Aframax tankers and 4 of its Suezmax tankers are operating on the spot market. 53% of the Company’s fleet, consisting of 5 Aframax tankers, and 5 Suezmax tankers are currently under time charter contracts, compared to 42% of the fleet under time charter contracts as of December 31, 2005. The table below outlines which vessels are on time charter at what rate and when the contracts are set to expire.

Vessel Vessel Type Expiration Date Average Daily Rate(1) Genmar Progress Aframax August 15, 2007 $28,000 Genmar Alexandra Aframax November 10, 2007 $34,000 Genmar Princess Aframax October 24, 2009 $27,750 Genmar Ajax Aframax December 1, 2009 $29,000 Genmar Defiance Aframax December 15,2009 $29,500 Genmar Hope Suezmax August 15, 2009 $36,500 Genmar Spyridon Suezmax October 13, 2009 $38,500 Genmar Phoenix Suezmax November 1, 2009 $38,500 Genmar Argus Suezmax November 6, 2009 $38,500 Genmar Horn Suezmax November 15, 2009 $38,500 (1) Before brokers’ commissions.

The Company’s primary area of operation is the Atlantic basin. The Company also currently has vessels employed in the Black Sea and Far East to take advantage of market opportunities and to position vessels in anticipation of drydockings.

Q4 2006 Dividend Announcement

On February 20, 2007, the Company’s Board of Directors declared a Q4 2006 quarterly dividend of $0.62 per share payable on or about March 23, 2007 to shareholders of record as of March 9, 2007. The dividend amount was determined in accordance with the Company’s policy of declaring quarterly dividends to shareholders based on its EBITDA after net expenses and reserves for drydocking and fleet renewal and maintenance as established by the Board of Directors. In addition, in determining the quarterly dividend for Q4 2006, the Company’s Board of Directors included a reversal of a reduction in gain on sale of vessels and excluded certain items in the other expense line which consist primarily of unrealized gain related to derivative financial instruments. The Company has declared aggregate dividends of $3.42 per share relating to the full year ended December 31, 2006.

On February 20, 2007, the Company’s Board of Directors revised the Company’s quarterly dividend policy, adopting a fixed quarterly target amount of $0.50 per share per quarter or $2.00 per share per year. The Company intends to declare dividends in May, August, November and February. The declaration of dividends and their amount, if any, will depend upon the results of the Company and the determination of the Board of Directors.

Please see below for the dividend reconciliation for the quarter ended December 31st 2006.

Three Months Ended December 31, 2006 EBITDA (1) $32,774 - Net Interest Expense 833 - Quarterly fleet maintenance and renewal reserve (2) (7,000) - Reserve for drydocking (2) (4,000) - Gain on sale 19 - Other Adjustments (2,485) Available for dividends $20,141 / Assumed number of shares outstanding 32,739 Available for dividends per share (3) $0.62 EBITDA Reconciliation Net Income $22,408 Depreciation and Amortization 11,199 Net Interest Expense (833) EBITDA $32,774 Notes: (1) EBITDA represents net income plus net interest expense and depreciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers. Management of the Company uses EBITDA as a performance measure in consolidating monthly internal financial statements and is presented for review at our board meetings. The Company believes that EBITDA is useful to investors as the shipping industry is capital intensive which often brings significant cost of financing. EBITDA is not an item recognized by GAAP, and should not be considered as an alternative to net income, operating income or any other indicator of a company’s operating performance required by GAAP. The definition of EBITDA used here may not be comparable to that used by other companies. (2) The Company’s Board of Directors established a maintenance and renewal reserve of $7.0 million per quarter for 2006 reflecting the size of the Company’s current fleet and a drydocking reserve of $4.0 million per quarter for an annual 2006 reserve of $44.0 million (3) Based on diluted shares at the end of the quarter ended 12/31/06 and the estimated number of shares outstanding on the record date of March 9, 2007 taking into account potential exercises of vested options previously granted and share repurchases made through the Company’s share repurchase program. Credit Facility Amendments

On February 20, 2007, the Company entered into an agreement to amend its existing October 2005 credit facility with a syndicate of commercial lenders, led by Nordea Bank Finland PLC New York Branch, DnB NOR Bank ASA, New York Branch and HSH Nordbank AG, to increase the total commitment from $800 million to $900 million. Pursuant to the amendment, the Company may pay quarterly cash dividends of up to $0.50 per share beginning with the first quarter of 2007 and may pay additional dividends and engage in stock buy-backs in an aggregate amount not to exceed $50 million plus 50% of cumulative net excess cash flow. In addition, the Company is permitted to declare a one-time special dividend of up to $15 per share (up to an aggregate amount not to exceed $500 million) at any time prior to December 31, 2007, provided that the Company will not permit its consolidated net worth at any time prior to the business day preceding the payment of such dividend to be less than $500 million.

The parties also amended the 2005 credit facility by agreeing that the leverage ratio covenant will be eliminated and the minimum cash balance covenant will be reduced such that the Company will not be permitted to allow the sum of (A) its unrestricted cash and cash equivalents plus (B) the lesser of (1) the total available unutilized commitment and (2) $25 million, to equal less than $50 million. In addition, pursuant to the amendment, the Company has agreed that it will not permit its net debt to EBITDA ratio to be greater than 5.5:1.00 on the last day of any fiscal quarter at any time from April 1, 2007.

All other material terms of the credit facility remain unchanged.

Mr. Georgiopoulos concluded, “We remain committed to enter into value creating transactions and have continued to meet this important objective in 2007 with the announcement of a special $15 dividend and fixed $0.50 per share on-going quarterly or $2.00 annually dividend target. With approximately $400 million in liquidity, we are in a strong position to build on our past consolidation success and seek opportunities to acquire assets of up to $1 billion in value. This approach, combined with our success in taking delivery of two Suezmax newbuildings as of January 2007 as well as the scheduled delivery of two addition newbuildings in the third quarter of 2007 and the first quarter of 2008, positions the Company well in both the short and long-term. Complementing this, we intend to distribute sizeable dividends and opportunistically look to further implement our share repurchase program. We also intend to continue to operate our double-hull fleet in a manner that meets stringent operational and safety standards.”

About General Maritime Corporation

General Maritime Corporation is a provider of international seaborne crude oil transportation services principally within the Atlantic basin which includes ports in the Caribbean, South and Central America, the United States, West Africa, the Mediterranean, Europe and the North Sea. We also currently operate tankers in other regions including the Black Sea and Far East. General Maritime Corporation currently owns and operates a fleet of 21 tankers - 10 Aframax, 9 Suezmax tankers and 2 Suezmax newbuilding contracts - with a carrying capacity of approximately 2.6 million dwt.

Conference Call Announcement

Federal Tax Rule

General Maritime believes that under current law dividend payments from earnings and profits will constitute “qualified dividend income” and will be subject to a 15% United States federal income tax rate with respect to non- corporate shareholders who satisfy certain holding period requirements. Distributions in excess of the Company’s earnings and profits will be treated first as a non-taxable return of capital, to the extent of a United States stockholder’s tax basis in its common stock on a dollar-for-dollar basis, and thereafter as a capital gain.

Other Information

The Company’s ability to pay dividends will be subject to applicable provisions of Marshall Islands law. The actual declaration of future cash dividends, and the establishment of record and payment dates, is subject to final determination by the Board of Directors each quarter after its review of the Company’s financial performance. There can be no assurance that the Company’s future dividends will in fact be equal or similar to the amounts described in this press release. The Company’s dividend policy may be changed at any time, and from time to time by the Board of Directors. For further information, please see Item 8.01 of the Company’s Current Report on Form 8-K, filed with the Securities and Exchange Commission on the date hereof.

“Safe Harbor” Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations and observations. Included among the factors that, in the company’s view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following: changes in demand; a material decline or prolonged weakness in rates in the tanker market; changes in production of or demand for oil and petroleum products, generally or in particular regions; greater than anticipated levels of tanker newbuilding orders or lower than anticipated rates of tanker scrapping; changes in rules and regulations applicable to the tanker industry, including, without limitation, legislation adopted by international organizations such as the International Maritime Organization and the European Union or by individual countries; actions taken by regulatory authorities; changes in trading patterns significantly impacting overall tanker tonnage requirements; changes in the typical seasonal variations in tanker charter rates; changes in the cost of other modes of oil transportation; changes in oil transportation technology; increases in costs including without limitation: crew wages, insurance, provisions, repairs and maintenance; changes in general domestic and international political conditions; changes in the condition of the Company’s vessels or applicable maintenance or regulatory standards (which may affect, among other things, the company’s anticipated drydocking or maintenance and repair costs); changes in the itineraries of the Company’s vessels; delays in the construction or delivery of the contracted newbuildings; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2005 and its subsequent reports on Form 10-Q and Form 8-K. Share repurchases may be made from time to time for cash in open market transactions at prevailing market prices or in privately negotiated transactions. The timing and amount of purchases under the program will be determined by management based upon market conditions and other factors. Purchases may be made pursuant to a program adopted under Rule 10b5-1 under the Securities Exchange Act. The program does not require the Company to purchase any specific number or amount of shares and may be suspended or reinstated at any time in the Company’s discretion and without notice. Repurchases will be subject to the restrictions under the Company’s existing credit facility. The Board will periodically review the program.

THREE MONTHS ENDED Aframax Fleet December-06 December-05 % Change Amount Amount From Prior % of Total % of Total Period for Period for Period Net Voyage Revenues -50.3% 28,944 58,256 $ 1,000’s 55% 48% Average Daily TCE 9.7% 32,340 29,482 Time Charter Revenues -56.4% 11,281 25,871 $ 1,000’s 49% 95% Spot Charter Revenues -45.5% 17,663 32,385 $ 1,000’s 60% 35% Calendar Days -58.5% 920 2,217 56% 62% Vessel Operating Days -54.7% 895 1,976 58% 60% Capacity Utilization 9.2% 97.3% 89.1% # Days Vessels on Time Charter -65.2% 364 1,047 54% 96% # Days Vessels on Spot Charter -42.8% 531 929 62% 42% Average Daily Time Charter Rate 25.4% 30,992 24,710 Average Daily Spot Charter Rate -4.6% 33,264 34,860 Daily Direct Vessel Expenses 1.7% 6,198 6,092 (per Vessel) Average Age of Fleet at End of Period (Years) 11.3 12.2 # Vessels at End of Period -50.0% 10.0 20.0 56% 67% Average Number of Vessels -58.5% 10.0 24.1 56% 62% DWT at End of Period -49.9% 989 1,974 1,000’s 44% 56% THREE MONTHS ENDED Suezmax Fleet December-06 December-05 % Change Amount Amount From Prior % of Total % of Total Period for Period for Period Net Voyage Revenues -62.1% 23,702 62,503 $ 1,000’s 45% 52% Average Daily TCE -20.6% 37,327 47,030 Time Charter Revenues 715.1% 11,974 1,469 $ 1,000’s 51% 5% Spot Charter Revenues -80.8% 11,728 61,034 $ 1,000’s 40% 65% Calendar Days -45.7% 736 1,355 44% 38% Vessel Operating Days -52.2% 635 1,329 42% 40% Capacity Utilization -12.1% 86.3% 98.1% # Days Vessels on Time Charter 570.2% 315 47 46% 4% # Days Vessels on Spot Charter -75.0% 320 1,282 38% 58% Average Daily Time Charter Rate 21.6% 38,013 31,255 Average Daily Spot Charter Rate -23.0% 36,650 47,608 Daily Direct Vessel Expenses 21.6% 7,214 5,935 (per Vessel) Average Age of Fleet at End of Period (Years) 7.2 9.4 # Vessels at End of Period -20.0% 8.0 10.0 44% 33% Average Number of Vessels -45.6% 8.0 14.7 44% 38% DWT at End of Period -18.3% 1,265 1,548 1,000’s 56% 44% THREE MONTHS ENDED Total Fleet % Change December-06 December-05 From Prior Period Amount Amount Net Voyage Revenues -56.4% 52,646 120,759 $ 1,000’s Average Daily TCE -5.8% 34,410 36,538 Time Charter Revenues -14.9% 23,255 27,340 $ 1,000’s Spot Charter Revenues -68.5% 29,391 93,419 $ 1,000’s Calendar Days -53.6% 1,656 3,572 Vessel Operating Days -53.7% 1,530 3,305 Capacity Utilization -0.1% 92.4% 92.5% # Days Vessels on Time Charter -37.9% 679 1,094 # Days Vessels on Spot Charter -61.5% 851 2,211 Average Daily Time Charter Rate 37.0% 34,249 24,991 Average Daily Spot Charter Rate -18.3% 34,537 42,252 Daily Direct Vessel Expenses (per Vessel) 10.2% 6,650 6,033 Average Age of Fleet at End of Period (Years) 9.5 10.9 # Vessels at End of Period -40.0% 18 30.0 Average Number of Vessels -53.6% 18.0 38.8 DWT at End of Period -36.0% 2,254 3,522 1,000’s TWELVE MONTHS ENDED Aframax Fleet December-06 December-05 % Change Amount Amount From Prior % of Total % of Total Period for Period for Period Net Voyage Revenues -40.1% 125,118 208,804 $ 1,000’s 51% 48% Average Daily TCE 15.2% 28,423 24,667 Time Charter Revenues -44.6% 46,327 83,658 $ 1,000’s 77% 98% Spot Charter Revenues -37.0% 78,791 125,146 $ 1,000’s 43% 36% Calendar Days -50.1% 4,650 9,315 62% 61% Vessel Operating Days -48.0% 4,402 8,465 62% 60% Capacity Utilization 4.2% 94.7% 90.9% # Days Vessels on Time Charter -50.8% 1,935 3,936 84% 99% # Days Vessels on Spot Charter -45.5% 2,467 4,529 51% 45% Average Daily Time Charter Rate 12.6% 23,941 21,255 Average Daily Spot Charter Rate 15.6% 31,938 27,632 Daily Direct Vessel Expenses 10.1% 6,048 5,493 (per Vessel) Average Age of Fleet at End of Period (Years) 11.3 12.2 # Vessels at End of Period -50.0% 10.0 20.0 56% 67% Average Number of Vessels -49.9% 12.7 25.5 62% 61% DWT at End of Period -49.9% 989 1,974 1,000’s 44% 56% TWELVE MONTHS ENDED Suezmax Fleet December-06 December-05 % Change Amount Amount From Prior % of Total % of Total Period for Period for Period Net Voyage Revenues -45.7% 120,466 221,894 $ 1,000’s 49% 52% Average Daily TCE 12.0% 44,305 39,567 Time Charter Revenues 848.2% 13,929 1,469 $ 1,000’s 23% 2% Spot Charter Revenues -51.7% 106,537 220,425 $ 1,000’s 57% 64% Calendar Days -51.9% 2,884 5,996 38% 39% Vessel Operating Days -51.5% 2,719 5,608 38% 40% Capacity Utilization 0.8% 94.3% 93.5% # Days Vessels on Time Charter 676.6% 365 47 16% 1% # Days Vessels on Spot Charter -57.7% 2,354 5,561 49% 55% Average Daily Time Charter Rate 22.1% 38,163 31,255 Average Daily Spot Charter Rate 14.2% 45,258 39,638 Daily Direct Vessel Expenses 13.3% 6,710 5,922 (per Vessel) Average Age of Fleet at End of Period (Years) 7.2 9.4 # Vessels at End of Period -20.0% 8.0 10.0 44% 33% Average Number of Vessels -51.8% 7.9 16.4 38% 39% DWT at End of Period -18.3% 1,265 1,548 1,000’s 56% 44% TWELVE MONTHS ENDED Total Fleet % Change December-06 December-05 From Prior Period Amount Amount Net Voyage Revenues -43.0% 245,584 430,698 $ 1,000’s Average Daily TCE 12.7% 34,487 30,605 Time Charter Revenues -29.2% 60,256 85,127 $ 1,000’s Spot Charter Revenues -46.4% 185,328 345,571 $ 1,000’s Calendar Days -50.8% 7,534 15,311 Vessel Operating Days -49.4% 7,121 14,073 Capacity Utilization 2.8% 94.5% 91.9% # Days Vessels on Time Charter -42.3% 2,300 3,983 # Days Vessels on Spot Charter -52.2% 4,821 10,090 Average Daily Time Charter Rate 22.6% 26,198 21,373 Average Daily Spot Charter Rate 12.2% 38,442 34,249 Daily Direct Vessel Expenses 11.3% 6,301 5,661 (per Vessel) Average Age of Fleet at End of Period (Years) 9.5 10.9 # Vessels at End of Period -40.0% 18 30.0 Average Number of Vessels -50.8% 20.6 41.9 DWT at End of Period -36.0% 2,254 3,522 1,000’s.

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Port, industry officials cite Bayport’s economic potential

office — Sat, 10 Feb 2007 20:20:25 +0000

The Port of Houston Authority has ushered in a new era with the long-awaited opening of the first phase of the $1.2 billion Bayport Container Terminal.

The multiphase Bayport construction project — which also includes a new cruise terminal — began in June 2004.

At full build-out, the Bayport terminal will have the capacity to handle seven container vessels and will have a 378-acre storage yard. The 30-year-old Barbours Cut Terminal is operating at 150 percent of capacity, and port officials expect Bayport’s first phase to absorb 25 percent of its workload.

Some 800 elected officials, port commissioners, community leaders, labor leaders and representatives of the maritime industry assembled on Feb. 8 to launch operations of what is touted as the most technologically advanced container terminal on the U.S. Gulf Coast.

“Barbours Cut was a vision of where cargo handling trends were headed in the future. The gamble paid off, and Barbours Cut allowed us to dominate the container trade in the U.S. Gulf,” said Tom Kornegay, PHA executive director.

Container throughput at Houston’s port has risen at an average growth rate of more than 10 percent per year for the last 15 years. Studies conducted by the Texas Transportation Institute predict a continued worldwide container growth rate of 7.2 percent through 2010. The study also estimates annual growth rates as high as 13 percent along the Gulf of Mexico.

After five years of operation, the combined container and cruise terminal is projected to generate 9,825 jobs, $395.4 million in personal income, $1.1 billion in business revenue and $35.6 million in state and local taxes.

Upon full buildout of the facility in 15 or more years, direct and indirect Bayport operations are expected to create 32,163 jobs.

Roger Guenther, PHA general manager of container terminals, will manage Bayport.

Already several months behind schedule due to construction delays, the first phase had been expected to be ready to accept ships by Nov. 1, but that date was pushed back to the end of December, and then into January.

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